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Yoon asks Biden to resolve South Korea's concerns over Inflation Reduction Act -Yonhap

09/21/2022 | 09:53pm EST
U.S. President Joe Biden visits South Korea

SEOUL (Reuters) - South Korean President Yoon Suk-yeol has asked his U.S. counterpart Joe Biden to resolve Seoul's concerns over the recently passed U.S. Inflation Reduction Act, Yonhap news agency reported on Thursday.

The law eliminates federal tax credits for electric vehicles made outside North America, meaning companies including Hyundai and its affiliate Kia Corp will no longer be eligible for such subsidies.

(Reporting by Soo-hyang Choi; Editing by Muralikumar Anantharaman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION 1.72% 17750 End-of-day quote.5.65%
HYUNDAI MOTOR COMPANY -0.90% 166000 End-of-day quote.-20.57%
KIA CORPORATION -0.76% 65400 End-of-day quote.-20.44%
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